Bybit Promotes Expansion Of Operations At New Crypto Hub Hong Kong
Bybit, one of the largest cryptocurrency derivatives exchanges based in Dubai, said it is working on setting up its core Asian business in Hong Kong and plans to set up a division of the research, development, and marketing team in Hong Kong, reported the WSJ. The exchange, founded in 2018, also intends to apply for a license in Hong Kong under the proposed rules that come into effect in June.
According to previous information, on March 31, Bybit was warned by the Japan Financial Services Agency for offering cryptocurrency trading without registration based on the same administrative principles as with three other crypto exchanges outside of Japan. Currently, Hong Kong is considered a golden land for the development of cryptocurrency companies around the world. Global crypto dominance plans for Hong Kong are underway. According to the report, Hong Kong’s Securities and Futures Commission proposed a new licensing framework focusing on investor protection in February.
Source
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